One Large Trader Led To May 6th Stock Market Plunge - Spokane, North Idaho News & Weather KHQ.com

One Large Trader Led To May 6th Stock Market Plunge

WASHINGTON (AP) - Federal regulators say a large trading firm's use of a computer sell order triggered the May 6 market plunge, which sent the Dow Jones industrial average dropping nearly 1,000 points in less than a half-hour.

A report issued Friday by the Securities and Exchange Commission and the Commodity Futures Trading Commission determined the so-called "flash crash" was caused when the trading firm executed a computerized selling program in an already stressed market.

That set off two waves of "liquidity drains", which means market players swiftly pulled their money from the stock market.

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